Knowledge Economic City announces that its Board of Directors and in accordance with the recommendation of the Compensation, Nomination and Governance Committee has agreed in its meeting held yesterday evening 21/2/2012 on the changes in the membership of the Board of Directors resulted from resignation of some of its members due to personal circumstances after their effective contributions to the launch of the company's projects, and the appointment of new members to take charge in the coming stage.
The amendments are as follow:
Accept the resignation of all of His Royal Highness Prince Khalid Abdullah Abdul Aziz Al Saud (Non-Executive Director) and HE Mr. Ibrahim Abdul Rahman Al Tassan (independent member) and HE Dr. Majid Abdullah Al Kassabi (Non-Executive Director) and Dr. Sami Mohsen Baroum (Non-Executive). Accordingly, the Board approved the appointment of Dr. Iyad Amin Madani (Non-Executive Director) and HE Mr. Ibrahim Abdul Aziz Al-Issa (independent member) and HE Dr. Abdul Rauf Mohammed Mana (non-executive member). The appointment of the fourth member will take place during the next board meeting and will be announced in accordance with regulations.
The new members will complete the remainder board term which end on 29/6/2015. This resolution will be presented to the first general assembly of shareholders for approval which will be announced after getting necessary approvals.
It is worth mentioning that His Excellency Iyad Amin Madani is currently the Vice President of King Abdullah Abdul Aziz Foundation for Housing Development, and HE Mr. Ibrahim Abdul Aziz Al-Essa is currently the Head of Private Affairs for His Majesty King Abdullah, and Dr. Abdul Rauf Mohammed Mannaa, currently the Managing Director of the Savola Group. The new members qualifications and practical experience will provide unique contributions to the board and will help to promote and support the objectives of the company in the coming stage.
Until a new Chairman is elected succeeding former Chairman (Dr. Sami Baroum), Mr. Saleh Mohammed Bin Laden, Vice President will be acting in his place during this period.
In this regard, the Board expressed its thanks, gratitude, and appreciation to the members who resigned for their support and efforts contributed to the establishment of the company and wished them continued success. The Board also welcomed the new members and wished them all success.
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